“Armalytix is very useful for anyone dealing with source of funds checks”
Who is Smart Legal?
Smart Legal is one of UK’s most trusted and client-oriented law firms providing residential and commercial conveyancing services. A trusted ally throughout the entire process of conveyancing, Smart Legal offers the best legal support with a fast and friendly service – giving people a pleasant and stress-free home-moving experience.
Mahinan Pathmanathan is Director at Smart Legal, and for Mahinan, checking source of funds and source of wealth is part of the day-to-day role of supporting conveyancers with questions.
The ability to do this effectively was frequently hampered by the authenticity of documents and data and the time and resource spent on the analysis necessary to conduct effective checks.
The Armalytix solution
Armalytix is a sophisticated tool to perform AML and fraud checks on clients, allowing flexible control to adapt reports to the risks of the matter or client. Smart legal starting using Armalytix to extract financial information from clients for source of funds checks and then using the Armalytix reports to analyse the financial movements. The source of funds reports contain a lot of critical data, all in a simple to read format, including colour-coded transaction types. As Mahinan says:
“We find the colouring of the bank statements very helpful, especially the grey highlighting, which covers transfers between accounts.”
Before the analysis even occurs, Smart Legal no longer have to worry about the authenticity of the data because Armalytix gets it directly from the clients’ bank accounts, using Open Banking.
Saving approximately 30% of our time
Armalytix enables Smart Legal to conduct the vital source of funds and wealth checks faster and more effectively – analysing transactions quicker and reducing the back and forward friction between clients. Mahinan sees a significant impact on their workflow:
“I think it’s saving approximately 30% of the time we used to spend doing source of funds and source of wealth by collating statements from clients. We had a 94% completion rate of clients completing checks in January, we compel them to do this by building this into our process using our early communication to clients. Our fee earners will also talk to the client about what we are asking them to do on the welcome call, in order to manage expectations.”
Armalytix has had a positive effect for Smart Legal, helping to liberate the day-to-day for the team, provide better experiences for the clients and reduce the time wasted going back and forth to get authentic and accurate information. As Mahinan concludes:
“I would describe Armalytix as very useful for anyone dealing with source of funds checks.”